092021 Do I Need Life Insurance?

If someone depends on you financially, you are most likely someone who

needs life insurance.

Life insurance provides cash to your family or loved ones after your death.

This cash, known as the death benefit, replaces your income and the

many non-paid ways you support your household. Your family can use this

cash to pay for expenses like funeral costs, a mortgage, college tuition

and more.

Just a few examples of people who often answer “yes” to the question of

“Should I get life insurance?” include…

Married couples

Many spouses find it difficult to make ends meet without the other earner’s

income in the picture.

Married couples with kids

In addition to losing one spouse’s income, the surviving parent may have

to pay for childcare and more without the other parent around to pitch in.

Single parents

As the sole income earner for your family, you’ll want to think about how to

replace your child’s only source of financial support.

Stay-at-home parents

From cooking meals to shuttling kids to school to helping with homework,

stay-at-home parents perform many critical responsibilities that would be

costly to outsource.

Empty nesters

Many surviving partners would not be able to maintain the lifestyle they

worked so hard to achieve without life insurance.

Retirees

Depending on the size of your estate, your heirs could be hit with an

estate-tax rate of up to 45%. Fortunately, cash from a life insurance policy

gives heirs access to tax-free money to pay for immediate costs and more.

Business owners

Life insurance can help your business in many ways if you, a fellow owner

or a key employee were to pass away

https://lifehappens.org/life-insurance-101/

Comments

022823 The 9 Benefits of Whole Life Insurance...

(1) Provide for Loved Ones… It’s the basic need everyone thinks about. You have a young family. You are the major breadwinner. Something happens to you. How is Your family supposed to make ends meet? It’s a form of protection. Peace of mind. (2) Key Man Insurance… You and your partner own a business. It’s grown. Many employees Depend on you. If something happens to your partner, it’s likely their Spouse or family will inherit their share of the business. Cash would Be a lot more useful to them. Life insurance on both partners can Provide the cash to buy out heirs and keep the business intact. (3) Emergency Loans… Hopefully your client lives a long life. The whole life policy accumulates Cash value, eventually growing to the full face value, or beyond. Many Policies allow you to borrow money against the cash value. You would pay interest. (4) Funding Estate Taxes… Your client owns a farm. I...

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Change comes at us from every angle as people update and upgrade everything from their diets to their devices, seemingly every day. When we enter adulthood as a young professional, we never imagine that we are only a couple dozen phones or a handful of trendy diets from marriage, parenthood or even retirement. Diets and devices can be great, but not all change is good, right? At every stage of life, financially confident people know that they can embrace the good and safeguard against the not-so-good with solutions designed to do just that. Enter: whole life insurance. Not just your parents’ insurance, whole life can actually benefit you no matter where you are in life. THE BEGINNING: YOUNG PROFESSIONALS When we’re young and focused on our dreams, we rarely consider the possibility of an unexpected, devastating change. What would happen if you died prematurely? It may be unsettling to think about, as it would be very painf...

080822 Less Common Life Insurance Needs

On top of the most common reasons for buying life insurance, It can help cover some less common needs. These could include… *Insuring Children Buying a policy on a child can ensure that the family will financially Survive the loss of the child, but keep in mind that such a loss is Fairly unlikely. It can also ensure the child’s ability to qualify for life Insurance in the future. That could be helpful in the case of a health Diagnosis that might make it harder to pass the underwriting process. *Replacing Retirement Benefits Life insurance is often marketed as income replacement for an Insured person during their working years, but some retirees may Choose to keep theirs after leaving work. It can be used to replace The loss of any retirement income for their spouse or any dependents. *Investment Permanent life insurance can provide you with a potential income Source. You can access your cash value once it has buil...

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